By: Osama Rizvi, Energy and Economic Analyst at Primary Vision Network

Hope everyone had a great weekend. This week Mark was away and we had some technical difficulties so the FSC show was kept short. However, I will try to add something to it. 

First things first, the number came in at 257, adding 5 more from last week. We saw more activity in the Bakken and western Gulf, this rise in FSC has been parralel with the rig count – that added 9 more, week on week.

Apart from that, Evergrande is in news! They missed their $83.5 million bond payment on Thursday (23rd September, 2021) and now have entered the grace period lasting 30 days. At Primary Vision we have been talking about Evergrande as far as November 2020

and we did a show about on February 11th that did a deep dive on Chinese Debt Bubble as this has always been an issue. China has cycle of credit impulses where if there is a looming and serious concern regarding GDP growth or economy then the government panics and issue more debt. I have written about this in a seperate article here as well. In short, it has all the trappings to be the trigger that may cause the next financial crisis. Nobody can know however, this development is a very telling symtom of what lies ahead of us. In other news, oil prices continue to inch up – touching three year high recently. Gas prices are soaring as well, as colder winters last year set in, there are some gas storage issues. It has risen 250 percent from January and 70 from August! We will be talking about this next week in detail! Stay tuned for our shows.